Glasgow giants Celtic and Rangers will have to settle for vastly reduced broadcast income after the Scottish Premier League agreed to accept US$105 million for its television rights for the next five years.

The two clubs had been keen to buy the rights to the league themselves rather than accept the offer, just half of what Irish broadcaster Setanta had committed to pay before its collapse. The new agreement means Celtic and Rangers, almost certain to be fighting for the title once again, will receive less than US$5 million each per season. In comparison, the club that finishes bottom of the English Premier League will receive close to US$50 million.

• Celtic and Rangers confirm bid for Scottish TV rights

Both Celtic and Rangers have hit out at the SPL, and its chairman Lex Gold, for leading them into such a difficult situation. Gold, though, remains upbeat.

"We are pleased that in just over three weeks we have been able to strike this deal," he said. "Sky and ESPN are two of the biggest names in sports broadcasting and they will bring first class production standards and a wide audience to the table. We are looking forward to working with both in the coming years to raise the profile of the SPL for our clubs, fans and partners."

The final two years of the deal are optional, with the SPL optimistic it will have better offers on the table by then.